Daily Brief Energy/Materials: Hanwha Corporation, Copper, Gold Fields Ltd, Antero Midstream Corp, Omai Gold Mines, Wildcat Petroleum PLC, Seadrill Ltd, SGX Rubber Future TSR20, United States Steel, Dynacor Group and more

• Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
• A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
• Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.

• Copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang share insights on copper market trends and trade flows
• China copper concentrates assessments have hit negative levels in 2025 due to tight supply and growing demand from China and India
• Smelters are running at production losses due to low TCRC but continue to buy in the market to meet output targets and maintain production levels

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• Goldfields and Gold Road are in discussions for a potential acquisition deal, with Goldfields initially making an offer to buy Gold Road which was rejected, followed by a counteroffer to buy a stake in Gruyere.
• Goldfields eventually flew to Perth for face-to-face negotiations, but delays in response led to Goldfields threatening to go public with the offer.
• The joint venture agreement between Goldfields and Gold Road has previously prevented any acquisition deals, leading to speculation on why a consolidation has not occurred before.

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• Antero Midstream has demonstrated strong financial performance in the fourth quarter of 2024, emphasizing its ten-year growth trajectory in EBITDA, which reached $1.05 billion for the year.
• This growth, along with a record Return on Invested Capital (ROIC) of 19%, underscores the company’s strategic investments and operational efficiency.
• The acquisition strategy and just-in-time capital investments have been key contributors to this performance.

• What you need to know: • Omai announced assay results from four drill holes totalling 2,157m, two drilled at Wenot and two drilled at the Camp Zone, ~1km west of Wenot.
• • The highlight hole, drilled beneath the Wenot resource pit, intersected 16.35 g/t Au over 10.5m, including 46.38 g/t Au over 3.5m.
• • Results are pending for 10 holes at Wenot (Figure 1) as part of the 10,000m 2025 drill program, which has now been expanded to 15,000m.

• Coro Energy 1.45p £7.3m (CORO.L)* The South East Asian energy Company with a natural gas and clean energy portfolio has announced that it has signed a further addendum to the existing Power Purchase Agreement (PPA) with Mobile World Group to deliver power at the next 46 MWG solar sites in Vietnam with an aggregate capacity of c.0.8MW.
• Construction of the sites subject to the PPA Addendum will commence immediately. As previously announced, the Company signed a Memorandum of Understanding in Vietnam with MWG granting Coro exclusivity on an initial 900 MWG company sites in the central and southern regions of Vietnam where solar irradiation is the highest in the country.
• Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year PPA, extendable in certain circumstances.

• Transocean’s latest financial results showcase a complex landscape with mixed implications that investors should consider carefully.
• For the fourth quarter of 2024, Transocean reported adjusted EBITDA of $323 million from $952 million in contract drilling revenues, reflecting an EBITDA margin of approximately 34%.
• For the full year, the company achieved adjusted EBITDA of $1.15 billion on $3.5 billion in revenues, with a slightly lower margin of 33%.

• Rubber worth US$341 million exported in January 2025
• Companies initiate moves to cash in on higher rubber prices
• Tariff war may come to Vietnam’s advantage

• United States Steel Corporation posted robust financial results for the fourth quarter and the entire fiscal year of 2023, while also spotlighting a pending merger.
• The company’s net earnings for the full year totaled $895 million, translating to $3.56 per diluted share.
• The fourth quarter adjusted net earnings came in at $167 million, or $0.67 per diluted share, complemented by $330 million in adjusted EBITDA.

• What you need to know: • DNG reported Q4 financial results that were mixed relative to our expectations due to lower grades and annual maintenance at its plant.
• • Q4 revenue was $73.1M compared to our estimate of $60.0M and Q4 OCF (before WC) was $2.8M compared to our estimate of $4.3M.
• • DNG solidified another great year, supporting its long-term growth CAGRs of ~10%.